Condotels and officetels will be granted ownership certificates.

Land ownership certificate will be issued if all conditions are met.

Accordingly, hotel apartments, resort apartments (condotels), office-based accommodations (officetels), resort villas, and other facilities serving accommodation and tourism on commercial and service land, if they meet the conditions, will be granted a certificate of ownership (land title certificate).

This Decree supplements several articles of Decree No. 43 of 2014 detailing the implementation of some articles of the Land Law. Specifically, it adds regulations on granting land use certificates (pink certificates) for construction projects used for accommodation and tourism purposes, as stipulated by the law on tourism, on commercial and service land.

To be granted a land ownership certificate, these constructions must meet all the conditions stipulated by the laws on land, construction, and real estate business.

The land use term is regulated by Clause 3, Article 126 and Clause 1, Article 128 of the Land Law. The owner of the construction project is legally responsible for meeting all the necessary conditions.

Resort real estate will rise to prominence.

The decree also stipulates that after the completion of the project, the investor is responsible for submitting to the Department of Natural Resources and Environment documents such as: land use right certificate, house ownership certificate and other assets attached to the land; and documents proving the fulfillment of financial obligations of the project owner. In case of changes in financial obligations, documents proving the completion of those financial obligations must be submitted (except in cases where exemption or delayed payment is permitted by law).

In addition, the investor must submit the design drawings, the notice allowing the investor to inspect the construction item, and a list of assets including information on the asset's name, land area, and the shared and private construction area of ​​each asset.

Unlocking the resort real estate market.

This regulation will remove the legal bottleneck for businesses and buyers of condotels, officetels, resort villas, and other properties serving accommodation and tourism on commercial and service land.

According to statistics from the Ho Chi Minh City Real Estate Association (HoREA), by the end of 2022, there were approximately 83,000 condotel units nationwide awaiting ownership certificates, mostly located in resort areas and utilizing commercial and service land with lease terms of 50-70 years.

In fact, for over 10 years, buyers have not been issued land ownership certificates for their apartments. This has caused great confusion and anxiety among both customers and the developer, who are worried about the fate of their projects and apartments.

Tens of thousands of officetel apartments will be granted ownership certificates.

According to Mr. Le Hoang Chau, Chairman of HoREA, condotels are mostly located in high-rise buildings within tourist resorts, using land designated for commercial and service purposes with a maximum lease term of 50 years, or up to 70 years in exceptional cases. Land laws already allow competent state agencies (at the provincial level) to issue land use certificates for construction projects that are not residential buildings.

However, for over 10 years, regulations regarding this type of construction have not been fully implemented. Only a few provincial People's Committees have issued land use right certificates for condotel apartments that do not form permanent residential units, but these have been criticized by central authorities, who accused the issuance of certificates of violating the Land Law.

Therefore, Decree No. 10 will "unblock" the real estate market for condotel apartments, officetels, resort villas, and other facilities serving accommodation and tourism on commercial and service land. This will attract significant domestic and foreign investment into this apartment segment.

Source link: https://thanhnien.vn/condotel-va-officetel-se-duoc-cap-so-hong-185230404175712931.htm